The Bear Market Rally: A New Bull Market or More Choppiness?

The S&P 500 is about 260 points away from breaking out of the bear market low. Is this a new bull market or are you looking for more choppiness ahead? We've always thought this was a messy post crisis normalization period similar to 0203 and 2010, 2011 coming out of the GFC and the tech bubble. And that's where we are at this point in the timeline for the for the pandemic.